The Lightning Network, Bitcoin’s favorite layer 2 technology that makes payments faster and cheaper, is now officially running on the number one finance app in the app store, Cash App.
While it’s still not clear how the first users were selected and how many users have received the new Lightning feature (all we’ve seen are a couple of screenshots and examples on Twitter)… This is still a massive step for adoption and the normalization of the Bitcoin + Lightning Network stack.
Slowly but surely, the masses will discover there are more ways to send/receive BTC in a cheaper, faster, and simpler fashion. Furthermore, as more providers come on board, Bitcoin will increasingly be seen as a payment system.
According to our friend Marty, the next logical steps for crypto-friendly payment companies such as Square and Cash App are to:
- Enable the ability of merchants to easily accept BTC and/or convert a portion of their revenue into BTC at the point of sale. (This could have an immediate effect on demand and Merchant adoption, especially in an inflationary environment)
- Give users the ability to purchase goods in dollars or sats via the point-and-scan mobile app feature.